on 02-05-2020 08:50 PM
Throughout last year I sold a fair amount of items from my own collections (owned for decades) as well as some items that I specifically bought to resell. I will be filling out a Schedule C for all income related to the items I bought to resell. I'm having a hard time coming to a conclusion on what to do about the other "income" from the items I've owned for decades? Do I report it as a capital gain even though everything was sold at a loss? How do I even prove that these items were owned by me for decades anyway? I have no paperwork from the original purchases as I never intended to get rid of any of the items. Do I just not report the personal item sales and think of them as an "online garage sale"? Anyway, thanks for the help in advance!